US Military warns oil output may dip causing massive shortages by 2015

The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact.

The energy crisis outlined in a Joint Operating Environment report from the US Joint Forces Command, comes as the price of petrol in Britain reaches record levels and the cost of crude is predicted to soon top $100 a barrel.

"By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day," says the report, which has a foreword by a senior commander, General James N Mattis.

Two fascinating items in that article:
1. US armed forces are the world’s largest consumer of oil. That gives a small hint as to why this topic is important to them.
2. The oil crisis for the US military will militate against shutting down imports from Canada’s dirty oil sands. They want/need oil from secure sources, and even better if the source is nearby, cutting down transportation costs.